Tax Tips For Food Businesses
TAX! Is there anything more boring or un-sexy in the business world? Well, maybe insurance but lets leave that to another post! We spoke to Deb Hoffman of Stellar Accounts and asked her to give us her top tax tips for food businesses

All businesses must have an ABN. Here is how you can get one


If your sales are $75k and over you must be registered for GST


Monitor your actual sales and profits against your expected income and expenses and make adjustments as necessary


Prepare a monthly or quarterly Business Activity Statement (BAS) once you have registered for GST


To make sure you have the correct business structure, understand your tax and GST obligations etc. – it pays to get the right advice upfront!


Make sure you keep records of all income earned and all money spent. Remember, no receipt, no tax deduction


Register with the ATO for PAYG Withholding.  Submit tax withheld from employee pay to the ATO quarterly or monthly. Lodge superannuation quarterly


Keep a log of any business related travel, time spent working from your home, internet and phone usage. All these things are useful when preparing your income tax return

The best tax tip we can give you is to partner with an accountant you trust, like Deb. They can give you advice, help you with your deductions, GST, BAS and book keeping. Tax tips for food businesses is one of the topics covered in detail in the Everything You Need To Start Your Food Business course.
Start Your Food Business accountant-chermside-4032-stellar-accounts-logo-small Tax Tips for Food Businesses

Debbie Hoffman

CPA Registered Tax Agent

Stellar Accounts

Stellar Accounts provide quality tax, accounting, bookkeeping, BAS and business advisory services Australia wide and is located at Chermside, Brisbane northside.

T | 07 3359 0014
W| stellaraccounts.com.au

LinkedIn   | https://au.linkedin.com/in/deb-hoffman-cpa-aa14a8b6
Twitter      | @StellarAccounts
Facebook | www.facebook.com/deb.hoffman.777

Everything You Need To Start Your Food Business

Our specially-tailored course will take you through every aspect of starting your own food business – whether it is tax, insurance, finances or even product development, branding and marketing